Effective today, July 15, 2021, Advance Child Tax Credit Payments are now showing in eligible member accounts.
What is the Advance Child Tax Credit?
The IRS has now made the first of six-monthly payments to more than 35 million eligible families. The payments are part of the child tax credit expansion, passed back in March, which was introduced in an effort to try and reduce child poverty. Through these Advance Child Tax Credit Payments, the IRS will pay half the total credit amount in advance monthly payments to each qualifying family throughout the next 6 months. The other half will be claimed when you file your 2021 income tax return.
How Much Could I Receive?
The maximum child tax credit, just for the year 2021, is $3,600 for each child under the age of six, and $3,000 for each child ages six through 17 (as of December 31, 2021). For each qualifying child under age 6, you will receive up to $1,800 in advance, generally paid in six monthly payments of $300. For each qualifying child age 6 through 17, you will receive up to $1,500 in advance, generally paid in six monthly payments of $250. The prepayments are based on the latest tax return processed. Parents who do not receive monthly payments are able to claim the full credits they qualify for on their 2021 tax returns.
Advance Child Tax Credit Payments Eligibility Requirements
- You must have filed a 2019 or 2020 tax return and claimed the Child Tax Credit Return; and
- You must have a main home in the US for more than half the year or file a joint return with a spouse who has a main home in the US for more than half a year; and
- You must have a qualifying child who is under age 18 at the end of 2021 and who has a valid SSN; and
- You must make less than certain income limits
The Advance Child Tax Credit Payments disbursed by ACH will be issued on the following dates (dates set by the IRS and are subject to change):
- July 15, 2021
- August 13, 2021
- September 15, 2021
- October 15, 2021
- November 15, 2021
- December 15, 2021
If you have questions about the status of your tax credit, or are expecting a credit but do not see it in your account, please visit https://www.irs.gov/credits-deductions/advance-child-tax-credit-payments-in-2021 for more information.
You can log in to your account through online or mobile banking to see if your expected payment has landed in your account. If you have any questions, please use the resources provided by the IRS. US Community Credit Union cannot control when or how payments are processed or submitted into our member’s accounts – that is dictated by the IRS. We are, however, here to help and answer any questions. You can call US at 615-256-8712 or send an email to info@usccu.org.